Moody’s Investors Service has taken action on the long-term ratings of $1.7 billion in jointly supported letter of credit-backed municipal bonds.

Moody’s said it upgraded 10 bonds, downgraded seven bonds and affirmed 10 bonds. The action resulted from on-going surveillance of 754 letter of credit backed transactions that are rated based on a joint default analysis, the rating company said in a statement.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.